Expensify vs. Bill.com: Expense management for small businesses
Running a small business is a whirlwind. Between chasing leads, closing deals, and keeping employees happy, managing expenses can feel like an afterthought. Luckily, there are powerful tools like Expensify and Bill.com that streamline expense management and tame the cash flow chaos.
But with so many options, which one reigns supreme for small businesses? We're diving deep into Bill.com vs. Expensify, analyzing their strengths and weaknesses to help you make the perfect choice for your growing business.
Key features
Expensify and Bill.com are major contenders in the space of online financial tools, each with unique offerings. Here’s how they compare:
| Feature | Expensify | Bill.com |
| Expense reporting | Superior with realtime expense tracking and SmartScan technology | Standard features with approval workflows |
| Invoicing and bill pay | Simplified invoicing; however, more focused on expense management | Robust bill pay solutions |
| ACH payments | Invoices and bills can be sent and received via ACH | Payments can be received via ACH and more, like checks and credit cards |
| Spend management | Corporate cards and spend controls are available options | Focuses mainly on payable accounts management |
| Additional features | GPS mileage tracking, per diem support | More advanced accounting features for receivables |
| Target audience | Geared towards mobile users and solopreneurs, independent contractors, and small businesses | Suited for small- to medium-sized businesses with a focus on accounts payable |
| User interface | Intuitive and user-friendly design that’s easy to set up and use | Functional but with a steeper learning curve |
| Integrations | Broad integrations including accounting software and a business travel concierge | Integrates well with accounting systems, albeit fewer overall options |
| Pricing | Competitive pricing starting at $5 and has no transaction fees | Lowest price per user is $45, with various transaction fees |
| Customer service | Highly responsive with extensive self-help resources and chat available 24/7 | Adequate but sometimes slow response times |
| User ratings | Generally high user satisfaction, particularly for usability – an average of 4.4 out of 5 with over 1000 reviews | Good ratings, with some user concerns about ease of use – an average of 4.2 out of 5 with over 500 reviews |
| Choose if… | You prioritize on-the-go expense management and a user-friendly interface | Your primary need is an in-depth accounts payable system |
Why Expensify?
Expensify offers users a seamless and intuitive way to handle their financial transactions. It stands out for several compelling reasons:
SmartScan technology: Expensify's SmartScan feature allows users to capture receipts with a click, automatically extracting the merchant, date, and amount, thus simplifying the expense tracking process.
Realtime expense reports: Enables the creation of expense reports in realtime, providing timely insights into spending patterns and financial outflows.
Corporate card reconciliation: Offers a straightforward way to reconcile corporate cards, ensuring that every transaction is accounted for with minimal effort.
Corporate card program: Has a built-in corporate card program that helps to automate expense tracking, with IRS-approved eReceipts, custom spend limits, daily or monthly settlement, and cash back.
Integrations: Expensify offers extensive integration options with popular accounting software like QuickBooks, Xero, NetSuite, and others, facilitating a unified accounting experience.
Mobile convenience: With a robust mobile app, Expensify provides users with the flexibility to manage expenses on-the-go, a critical factor for today's mobile workforce.
Why Bill.com?
When it comes to streamlining the accounts payable and receivable process, Bill.com takes a prominent position by offering robust features that make financial operations more efficient. With Bill.com, businesses benefit from seamless invoice-to-pay capabilities, which automate the workflow and reduce manual data entry. The platform supports a variety of payment methods, including ACH, credit cards, and international wire transfers, catering to diverse vendor payment needs.
Features of Bill.com include:
Automated approval workflows
Customizable roles and permissions
Electronic payments and remittance advice
Syncing with major accounting platforms
Digital document storage
Bill.com is a great option for small- to medium-sized businesses looking for a dedicated solution to automate and manage their financial transactions, offering a structured and secure online environment to take control of their cash flows and payment obligations.
Who is Expensify for?
When it comes to managing financial operations, one size doesn’t fit all. Let’s check out some specific contexts in which Expensify and Bill.com excel, highlighting their respective applications for various user groups.
Expensify emerges as a versatile tool that addresses the needs of a variety of users. Its ease of access and user-friendly approach allow for quick adoption among professionals who require a streamlined expense management solution.
For individuals, solopreneurs, and freelancers: Expensify simplifies expense tracking with its receipt scanning and expense categorization features, making it easy for solo professionals to manage their spending without extensive accounting support.
For small- and medium-sized businesses: Expensify offers more than just expense management. It provides robust reporting tools, corporate card reconciliation, and integrations with leading accounting solutions, making it an ideal choice for businesses aiming to automate and gain better visibility over their expenses.
Who is Bill.com for?
On the other hand, Bill.com is geared more towards small businesses and enterprises. Its focus is on streamlining accounts payable and receivable workflows, making it suitable for more complex financial operations.
For small businesses: Bill.com facilitates business payments by automating the entire end-to-end payment process. Small businesses can benefit from its digital document storage and customizable approval workflows, which are particularly beneficial to teams that want structured financial management tools.
For enterprises: The scalability of Bill.com accommodates the intricate financial needs of larger corporations. Enterprise-level companies often require detailed role permissions, advanced integration capabilities, and high-volume transaction processing, all of which Bill.com supports with efficiency and security.
Bill.com vs. Expensify – how to choose?
Expensify shines with its user-friendly mobile app, perfect for on-the-go expense reporting and receipt tracking. Its SmartScan technology, realtime expense reporting, and easy credit card reconciliation appeal to users seeking efficiency and minimal manual input.
Bill.com is primarily strong in managing payable and receivable processes, electronic payments, integrating with accounting software, and configuring complex workflows for accounts payable.
| Feature | Expensify | Bill.com |
| Mobile app experience | Excellent | Good |
| User interface | Highly intuitive | Less intuitive |
| Expense reporting | Advanced | Basic |
Ultimately, businesses looking for a robust, user-friendly, and efficient expense management tool will find Expensify as the clear winner. It caters to the agility required by modern teams, excelling in simplifying the expense reporting process and providing a superior user experience.
FAQs about Expensify vs. Bill.com
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Expensify does integrate with Bill.com for expense reporting. Get full document sync and reimbursement through the Bill.com integration, enhanced with Expensify’s receipt tracking and approval workflows.
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Yes, Expensify can be linked to Xero. The connectivity between Expensify and Xero streamlines the expense management process for users who benefit from realtime data syncing. Expenses can be captured on Expensify, categorized appropriately, and then synced with Xero for accounting and reconciliation. This ensures that financial data across both platforms is consistently up-to-date and reliable.
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Yes, you can certainly link Expensify to QuickBooks. Expensify offers seamless integration with both QuickBooks Online and QuickBooks Desktop, allowing for easy export of expense reports and transaction details directly into the accounting platform. This integration is designed to simplify the reconciliation process, making it a breeze for users to maintain accurate financial records.
